Profile of Rent-Stabilized Units and Tenants in New York City
Rent Stabilization is a New York State law that restricts how much rents in certain residential housing units can increase annually. The law generally applies to buildings constructed prior to 1974 that have six or more units, or to buildings that opt into the program in exchange for certain public subsidies. Rent Stabilization protects tenants from sharp increases in rents and protects their right to renew their leases.
In 2011, rent stabilized units comprised nearly one million units of housing in New York City—roughly 45 percent the city’s rental housing stock. Stabilized units house many low-income residents across New York City; roughly 66 percent of tenants living in rent-stabilized units were considered low-income in 2011.
This Fact Brief is an update to the NYU Furman Center’s April 2012 publication, Rent Stabilization in New York City. The data in this brief remain the most recent available from the New York City Housing and Vacancy Survey. Data from the 2014 Housing and Vacancy Survey are expected to released next year.